Allergan Beats Profit Expectations, But Sales Miss

Allergan PLC reported Monday a second-quarter loss that widened to $571.3 million, or $1.44 a share, from a loss of $312.7 million, or 80 cents a share, in the same period a year ago. Excluding non-recurring items, such as costs related to the divestiture of its generics business, adjusted earnings per share came to $3.35, above the FactSet consensus of $3.33. Revenue rose to $3.68 billion from $3.63 billion, impacted by the loss of exclusivity of Namenda IR. The FactSet revenue consensus was $3.97 billion. U.S. general medicine revenue fell to $1.45 billion from $1.61 billion, while international revenue rose to $757.0 million from $717.1 million. For 2016, Allergan expects adjusted EPS of $13.75-$14.20, surrounding the FactSet consensus of $14.11. Revenue is expected to be $14.65 billion to $14.90 billion. The FactSet consensus is $16.18 billion. The stock, which was still inactive in premarket trade, has tumbled 19% year to date, while the S&P 500 has gained 6.8%.